Medicare Supplement Insurance Does Not Have a Deadline

Many senior citizens think that the Medicare Open Enrollment period is the only time they can purchase a Medicare Supplement plan. But, there is no deadline to purchase Medicare Supplemental Insurance. During the Medicare Open Enrollment Period, everyone is busy picking a plan that is best for them. Some retirees rush into a new plan without focusing on the coverage, and some may miss the period. Missing the period does not mean you miss the opportunity to change or purchase a plan. You can change or buy it year round.

In order to actually sign up for a Medicare Supplement Insurance Plan, you must be 65 and have Original Medicare. You are most eligible to be guaranteed issue rights when purchasing a plan six months from when you turn 65. Guaranteed issue is the protected right that an insurer cannot deny you or raise rates due to pre-existing conditions.

While there is no deadline to buy or change a Medicare Supplement Plan and anyone eligible is able to buy a plan any time of the year, it comes with a catch. Medicare Supplement Insurers do have the right to ask you questions regarding your health. They can then determine if they want to insure you, deny you, or raise your rates due to pre-existing conditions. This is possible because you will not have guaranteed issue rights.

Picking a Medicare Supplement Plan can be a long and tough process. There can be questions you have about the coverage, costs, and the different types of plans. EZ.Insure offers you a trained one on one agent to assist in figuring out the process, coverage, and sign you up. We compare all plans for you, and find the best prices. Enter your zip code in the bar above to receive quotes, or contact your own advisor by calling 855-220-1144, or e-mailing replies@ez.insure. We promise to provide the best service with no obligations, it’s that easy!

The fourth quarter is when senior citizens learn about their social security benefits and Medicare. They find out if they will receive higher social security, and how much, also how much monthly premiums will be for Medicare. Most people with Medicare will face higher premiums in 2018.

The Part B premium increases will not only will this affect older adults who were stable due to their social security benefits, but it will affect a large number of low-income seniors who struggle on a fixed income.

“Hold Harmless”

In order to protect senior citizens living on fixed incomes, a federal law provision, “hold harmless,” prevents Medicare from raising Part B premiums more than their annual cost-of-living adjustment (COLA) from Social Security. The premiums are being automatically deducted from their Social Security checks. About 70 percent of Medicare enrollees are protected by the “hold harmless” rule.

In 2016, there was no Social Security COLA, so those under “hold harmless,” did not have their Part B premiums rise that year. Last year, Social Security gave enrollees .03 percent COLA, raising premiums from 104.90 to $109 for the hold harmless group. But, Medicare enrollees not in the group (30%) had to pay the full raise in premium, $134.

The Changes

In 2018, the cost-of-living adjustment will go up 2%, which is the highest raise in six years that senior citizens have received. This year, the Medicare Part B premium has remained unchanged from last year’s $134 a month. Because of the premium remaining unchanged, majority of seniors that were protected by the hold harmless provision will be get hit with a major increase in their premium. They will be expected to go from paying $109 a month, to $134 a month, a $25 a month increase. The $25 these senior citizens will be paying leaves them will little to no money for expenses.

Enrollees who are not part of the group, about 30 percent, will not see any additional costs because they already took the hit the previous year.

For high-income enrollees, the more you have the more you pay. Their Part B premiums will increase depending on their income, rising anywhere from $187.50 to $428.60.

Income (adjusted gross income plus tax-exempt interest income):

Single tax return

Married filing jointly

Monthly Part B premium (per person)

$85,000 or less

$170,000 or less

$134 (may be less if covered by the hold-harmless provision)

$85,001 to $107,000

$170,001 to $214,000

$187.50

$107,001 to $133,500

$214,001 to $267,000

$267.90

$133,501 to $160,000

$267,001 to $320,000

$348.30

More than $160,000

More than $320,000

$428.60

Other Alternatives

Head of the Centers for Medicare and Medicaid Services, Seema Verma said in a news release, “We encourage Medicare beneficiaries to explore their options to make an informed choice between original Medicare and Medicare Advantage before open enrollment ends on Dec. 7.”

It is a good time to begin exploring other options, to avoid the large financial hit from the increase of Part B premiums. Medicare Advantage plans, Part C, have become popular, offering all that Medicare offers, sometimes cheaper. Instead of having to enroll in Part A, and Part B, and buying a separate Part D (prescription drug plan), Medicare Advantage has all of these under one plan. Medicare Advantage also offers an annual out-of-pocket limit, meaning once you have reached this limit, you will have no more out of pocket expenses.

Another option to consider helping pay for Part B premiums is a Medicare Supplement plan. These plans help pay the 20% that Medicare leaves up to the individual to pay.

It may be confusing comparing plans and figuring out which will tailor your needs, on a budget. EZ.Insure ensures finding you the best Medicare Advantage or Medicare Supplement plan in your region, within your financial plan. Get a quote by entering your zip code in the bar above. You can also call 888-753-7207, or email replies@ez.insure.You will be assigned your own highly trained agent to fulfill your needs.

Before 2018, one of the largest pharmaceutical and drugstore chains, CVS, and one of the oldest insurance companies, Aetna, hope to finalize a $70 billion merge.

To gain control of costs and provide better quality, health insurance companies are narrowing their network of doctors, hospitals, and pharmacies. Due to this, CVS has taken a hit in profits during the third quarter.

Aetnas shares have already risen more than 7 percent since the report of the merge, and it is estimated that the value will be more than $200 per share. CVS has managed Aetna’s pharmacy benefits since 2010, and by merging, CVS would not only gain millions of new customers by consolidating with Aetna, but they would also have more leverage when negotiating prices with drug makers.

There have been rumors of Amazon attempting to enter the market of drug sales. Amazon has already been approved licenses in 12 states for wholesale drug distribution. CVS and Aetna are attempting to block Amazon’s move by cornering the market so that Amazon cannot invade.

Although CVS representatives have not commented on the merge, the chief executive Larry Merlo has stated that they aim to produce more quality care at lower costs. They will also begin next day delivery of medications directly to patients’ doors, which will start in early 2018. President of CVS Pharmacy Helena Foulkes stated, “our goal is to meet the needs of our all of our customers wherever, however, and whenever they want. Providing same and next-day options for delivery of medications is just another way we can help our patients get and stay healthy.”

This merge between CVS and Aetna will open the door for a shift in business of the consolidation between health insurers and pharmacies. It would be a swifter approach for these companies to manage the continuous rising health and drug costs, and offer quality care to customers.

The Centers for Medicare and Medicaid (CMS) announced an extension of Medicare Open Enrollment for Americans affected by hurricanes Harvey, Irma, and Maria. This special enrollment period will be extended for all Medicare beneficiaries to December 31st. The extension will give the families and individuals who were affected by the hurricanes the ability to enroll in coverage, unenroll, or change their Medicare and drug plans until December 31.

“The lives of millions of Americans have been disrupted and impacted in some way by recent hurricanes,” said CMS Administrator Seema Verma. “Setting up special enrollment periods gives Medicare beneficiaries and individuals seeking coverage on the Federal Exchange the opportunity to access health coverage during this difficult time and when they need it the most. We remain committed to doing all we can to help support the areas and individuals affected by these historic and catastrophic hurricanes.”

Medicare Enrollment Deadline has been extended in 5 states to help with the impact of several Hurricanes.

Texas, Louisiana, Florida, Georgia, and South Carolina are the states affected by the hurricanes.CMS has decided that they will continue to focus on the conditions in the areas impacted by the hurricanes and consider if further action will be taken beyond December 31st.

Alongside the extensions, in order to offer providers, facilities, and suppliers the flexibility required to focus on the health of those affected by the hurricanes, CMS temporarily modified or waived certain requirements of Medicare and Medicaid.

The extension is hoped to offer some relief to those dealing with the catastrophic damage by the hurricanes. If you are in these states you automatically qualify for this special enrollment period, to see live quotes instantly you can insert your zip code in the box above. Coverage will start at the time of the incident period, and lasts a calendar year.